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Netflix made Subscription changes; besides that it will be streaming the new series CLASS, an adaptation of Elite!

Netflix made Subscription changes; besides that it will be streaming the new series CLASS, an adaptation of Elite!

On February 3rd, theerican streaming service Netflix will launch the Class, a new programme that is an adaptation of the Spanish television series Elite.

By Alisha Limbachia | Updated On: Jan 24, 2023 08:03 PM IST

Netflix made Subscription changes; besides that it will be streaming the new series CLASS, an adaptation of Elite!

Ayesha Kanga, Chayan Chopra, Chintan Rachchh, Cwaayal Singh, Madhyama Segal, Moses Koul, Naina Bhan, Piyush Khati, and Zeyn Shaw are among the actors who appear in it.

Netflix, which had 231 million paid subscribers at the end of 2022, stated that it plans to introduce paid sharing programmes later this quarter. In 12 markets, including the US, Australia, Brazil, Britain, Canada, France, Germany, Italy, Japan, South Korea, Mexico, and Spain, the OTT platform debuted a more affordable, ad-supported plan in November.

NETFLIX PAID SUBSCRIPTION HAS BEEN INCREASED

In comparison to 8.3 million paid net additions during the same period in 2021, Netflix saw 7.7 million paid net additions during the December quarter of 2022. In the Asia and Pacific region, Netflix increased its paid subscriber base by 1.8 million in the December quarter, which is less than the 2.58 million it added during the same time last year. The streamer does not separate out India-specific numbers.

NETFLIX SHARED ABOUT ARM

Thanks to an increase in average paid memberships of 4% in the fourth quarter, revenue grew 2% year over year. According to Netflix, ARM (average revenue per member) increased 5% on a currency neutral basis while declining 2% year over year. Operating income fell to $550 million in Q4 from $632 million in Q4 of 21. Password sharing will likely be restricted by the company, which might lead to an increase in subscribers.

REED HASTINGS

In addition, co-founder Reed Hastings is giving up his co-CEO title, Netflix announced as part of its earnings release. Hastings previously shared the sole CEO title with the company's former chief content officer Ted Sarandos. According to the business, Sarandos and Greg Peters, the chief product officer, will share the role of CEO with Hastings remaining executive chairman.

In addition to these adjustments, Scott Stuber has been named chairman of Netflix Film, while Bela Bajaria, formerly president of global TV, has been designated chief content officer.

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